Few industries experienced a more drastic reversal of fortune on Election Day than the cryptocurrency sector. On November 4, several of its largest companies were locked in a seemingly interminable battle with the Securities...more
12/11/2024
/ Bank Secrecy Act ,
Bitcoin ,
CFTC ,
Cryptocurrency ,
Digital Assets ,
Gary Gensler ,
Legislative Agendas ,
PACs ,
Presidential Appointments ,
Presidential Elections ,
Regulatory Agenda ,
Regulatory Reform ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Technology Sector ,
Trump Administration
Dually registered, or “dual hat,” investment advisers are already well aware of the extensive obligations imposed by the Bank Secrecy Act (“BSA”). But for others, the finalization of a Financial Crimes Enforcement Network...more
In a sequel to FinCEN’s proposal earlier this year to extend anti-money laundering and Bank Secrecy Act regulations to investment advisers (AML/BSA Proposal), on May 13, 2024, FinCEN and the SEC jointly issued a new Notice of...more
5/20/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Broker-Dealer ,
Customer Identification Program (CIP) ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Investment Adviser ,
NPRM ,
Popular ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Just over a month after Deputy Attorney General Lisa Monaco announced the upcoming launch of the Department of Justice’s whistleblower rewards program, the DOJ Criminal Division unveiled its newest program to incentivize...more
5/13/2024
/ Corporate Crimes ,
Corporate Governance ,
Corporate Misconduct ,
Criminal Convictions ,
Criminal Investigations ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Crimes ,
Fraud ,
Investigations ,
Publicly-Traded Companies ,
Self-Disclosure Requirements ,
Voluntary Disclosure
This session will provide a survey of key issues and trends impacting the fintech and digital assets community as well as the future opportunities and challenges presented for these financial products and services. It will...more
4/22/2024
/ Banking Regulators ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Products ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
NYDFS ,
Partnerships ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk ,
Webinars
Point-of-sale financing arrangements payable in four or fewer interest-free installments, known as buy now, pay later (BNPL) arrangements, have soared since their initial breakthrough during the pandemic. Unlike conventional...more
3/19/2024
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Disclosure Requirements ,
Dispute Resolution ,
Financial Services Industry ,
FinTech ,
Lending ,
OCC ,
Privacy Laws ,
Regulation Z ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Truth in Lending Act (TILA)
In its latest attempt, the U.S. Department of Treasury, Financial Crimes Enforcement Network (“FinCEN”), will require certain investment advisers to implement compliance measures to detect and report suspected money...more
In recent guidance, the Financial Industry Regulatory Authority (FINRA) published the results of its targeted examination or “sweep” of crypto assets retail communications distributed or issued by its member firms, finding...more
Join Jenner & Block Partners Jeremy Creelan, Megan Poetzel, and Laurel Loomis Rimon in the third CLE webinar in our series on Bank-Fintech Partnerships. Topics covered will include:
- Managing customer communications...more
1/24/2024
/ Banking Sector ,
Banks ,
Consumer Complaint Management ,
Continuing Legal Education ,
Customer Service Standard ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Information Sharing ,
Partnerships ,
Vendors ,
Webinars
On January 10, 2024, US Attorney Damian Williams announced a new Whistleblower Pilot Program for the US Attorney’s Office of the Southern District of New York (SDNY). The program is designed to proactively uncover criminal...more
Join Jenner & Block Partners Jeremy Creelan and Laurel Loomis Rimon and Co-Founder and CEO of FS Vector John Beccia for the second CLE webinar in our series on Bank-Fintech Partnerships. Speakers will address:
- Key...more
1/23/2024
/ Banking Sector ,
Banks ,
Best Practices ,
Continuing Legal Education ,
Documentation ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
Partnership Agreements ,
Partnerships ,
Webinars
As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more
1/12/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FinCEN ,
Governance Standards ,
NYDFS ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Regulatory Agenda ,
Remediation ,
Self-Reporting ,
Third-Party ,
UDAAP
With the start of the new year, FinCEN’s Beneficial Ownership Reporting Rule (BOI Reporting Rule) came into effect, implementing specific transparency requirements relating to corporate ownership. The BOI Reporting Rule...more
In the Trenches: Lessons for Bank-Fintech Partnerships – Webinar Series -
Join us for this three-part series examining issues, tips, and the legal state of play for bank-fintech partnerships. Each session will be a...more
12/19/2023
/ Algorithms ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consumer Protection Laws ,
Continuing Legal Education ,
Customer Due Diligence (CDD) ,
Financial Crimes ,
FinTech ,
Fraud Prevention ,
Partnerships ,
Transaction Monitoring ,
Webinars
I. Introduction: EWA on the Precipice -
The increasing use of earned wage access (“EWA”) by workers in the United States and around the world has helped to bring financial flexibility to many previously constrained by the...more
11/14/2023
/ Advisory Opinions ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cryptocurrency ,
Employer Liability Issues ,
FinTech ,
Labor Regulations ,
Regulation Z ,
Regulatory Requirements ,
Wage and Hour ,
Wages
In 2017, the New York Department of Financial Services (“NYDFS”) enacted a landmark regulation requiring financial services institutions such as banks and insurance companies in the state to meet substantial cybersecurity...more
11/8/2023
/ Banking Sector ,
Covered Entities ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NYDFS ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management
After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more
10/25/2023
/ California ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Digital Currency ,
Financial Regulatory Reform ,
Governor Newsom ,
New Legislation ,
New Regulations ,
Regulatory Agenda ,
Regulatory Requirements ,
State and Local Government ,
Virtual Currency
Last week, the Consumer Financial Protection Bureau issued its long-awaited proposed rule to implement Section 1033 of the 2010 Consumer Financial Protection Act, which has come to be known as the “open banking” provision...more
Shinhan Bank America (“Shinhan”), a New York-based subsidiary of a Korean bank, faced coordinated enforcement actions on September 29 from the Financial Crimes Enforcement Network (“FinCEN”), Federal Deposit Insurance...more
10/12/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Cryptoassets ,
Cryptocurrency ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
New York ,
NYDFS
The New York Department of Financial Services (NYDFS) proudly announced an “update on [its] two-year transformational initiative to strengthen NYDFS’ nation-leading virtual currency oversight” on September 18, 2023. Although...more
10/9/2023
/ Bitcoin ,
Comment Period ,
Corporate Governance ,
Cryptoassets ,
Cryptocurrency ,
New Guidance ,
NYDFS ,
Public Comment ,
Regulatory Agenda ,
Regulatory Requirements ,
Virtual Currency
On June 6, 2023, federal banking agencies issued final Interagency Guidelines on Third-Party Relationships detailing their expectations for banks in establishing risk management practices with third-parties—including...more
6/16/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
New Guidance ,
OCC ,
Servicing Agreements ,
Third-Party